Access Bank to acquire 75% stake in Intercontinental Bank

Access Bank Plc said, yesterday, that it planned to use N53.47 billion to acquire 75 per cent stake in Intercontinental Bank Plc.

Access Bank, in a notice signed by its Company Secretary, Mr. Sunday Ekwochi, announcing its forthcoming extraordinary general meeting, disclosed that the amount was proceeds from its 2007 public offer.

The bank said it would be seeking the approval of its shareholders, at the meeting scheduled for September 26, 2011, to enable it consummate the acquisition of Intercontinental Bank.

http://www.vanguardngr.com/2011/08/access-bank-to-acquire-75-stake-in-intercontinental-bank/

In your opinion, is this acquisition a wise step?

Intercontinental staff better start looking for another job on time. Access will not take %90 of them and even if Access bank does, does anybody wants to work in a bank like Access?? RIP intercontinental bank, we hardly knew ye.

was intercontinental this sick?
what's their present share price in the market?

Dammit

'Access Bank, in a notice signed by its Company Secretary, Mr. Sunday Ekwochi, announcing its forthcoming extraordinary general meeting, disclosed that the amount was proceeds from its 2007 public offer'.
CAN U IMAGINE?DURING THE 2007 PUBLIC OFFER,THEY TOLD US THE PROCEEDS FROM THE OFFER WILL BE USED TO UPGRADE IT,IMPROVE WORKING CAPITAL AND THE REMAINING WILL BE INVESTED TO INCREASE THEIR BRANCHES WITHIN A STIPULATED TIME.AT THE END OF THE DAY,THE MGT OF ACCESS BANK FAILED TO UTILIZE THE OFFER PROCEEDS AS PLANNED.IT IS A FAILURE ON THEIR PART.ITS JUST NOW (2011) THEY WANT TO USE SOME OF THE FUNDS TO ACQUIRE 75% IN ANOTHER BANK.THIS SHOWS THAT DURING THE PUBLIC OFFER,MOST OF THIS BANKS JUST STORMED THE STOCK MARKET TO RAISE FUNDS WITHOUT ANY PLAN OF HOW THEY WANT TO USE THE FUNDS.THIS BANKS DIRECTORS LACK STRATEGIC FOCUS INDEED.

mhmm

access bank was the singular reason intercontinental was indebted in the first place,after borrowing from the bank,they failed to return even after much advertorials and press releases.

same push everyday!

I think the Nigerian banking system should allow a situation where by a big bank could acquire another bank without changing its name, 'management' and human capital . . . really explain this because its being a long while since I left the banking sector in Nigeria.

In the UK, LloydsTSB group owns both LloydsTSB and Halifax . . . two different banks; the Royal Bank Scotland group owns several other financial groups such as RBS, NATWEST, Direct Line,  etc. I was informed that the BankPHB and Spring Bank were in this kind of unification with BankPHB as the bigger partner prior to their Nationalization by the CBN.

In acquiring of banks, there should be opportunities for part acquisition. This is in a situation where some banks might decide to go regional, thus putting some of its branches for sale as a result of change in business - example, WEMA bank wishes to go regional, serve regions such as SS and SW, then FBN could acquire their assets at NW, NC, SE and NE.

Also, on the employees' protection there should be a time frame for which bank acquisition should be completed - 3 to 5 years should be okay.

[b][/b][color=][/color]something is wrong somewhere in the banking sector. Which bank is next?

and yet we keep avoiding Islamic Banking without looking at the good side effects

I do not want stories o! I will withdraw all my money from that bank o!

Please peeps on a more serious note. I just deposited a reasonable sum in my intercontinental acct. Should i go and withdraw all my money when i still can or our money is till safe

yem boy:

Please peeps on a more serious note. I just deposited a reasonable sum in my intercontinental acct. Should i go and withdraw all my money when i still can or our money is till safe

Your money is safe,since they are not liquidating the bank,
the truth will soon hit the old intercon shareholders in the face with ACCESS BITTEN OFF 75%,AMCON 20 or 25%

Nigeria Banking is pure advance yahoo. Paper profit still continue unabated. Since what the shareholder want to see is profit either real or paper so the management cook it for them. And they still pay tax on paper profit. All na yahoo

sanusi has succeeded in destroying all banks that belong to the Christians in this country.God will surely judge his action .wat happen to unity bank that belong to the muslims and northerners.intercontinental bank, oceanic, spring all belong to christian and they have been sold to another bank

I thought Intercontinental bank claimed in one of their ads in London to be worth over 20 billion dollars.
Casino banking

hbrednic:

Your money is safe,since they are not liquidating the bank,
the truth will soon hit the old intercon shareholders in the face with ACCESS BITTEN OFF 75%,AMCON 20 or 25%

Thanks. Yyou just saved a brother!

alphonso k:

sanusi has succeeded in destroying all banks that belong to the Christians in this country.God will surely judge his action .wat happen to unity bank that belong to the muslims and northerners.intercontinental bank, oceanic, spring all belong to christian and they have been sold to another bank

Pathetic lunatic zealot call ursef christian boko haram

does this mean that intercontinental is worth just 71 point 29333333333333 Billion?
thats bull crap.
abeg on to the next crap. as i nigerian i have resigned to reading crap on a daily basis. heck even this internet connection i am using is crap.

The 75% is a plan which is yet to be implemented pending the approval of Access bank shareholders and the management of intercontinental bank which may not be that easy at all because it has really been a controversial issue for over a year plus. But we don't have to forget the fact that even if such happens, it's for the unification and solidification of the two banks towards a better output and please all depositors funds remains intact and safe, there is no cause for an alarm and there can never be any cause for such. Thank you and God bless you all. Nigeria remains our dear loving country, lets try to add more value wherever we are.

Does this imply that Intercontinental bank doesnt worth up to N100billion I do not believe that Access bank are yet to utilize their 2007 public offer proceeds. This is purely advanced Yahoo

We shall have to have to wait and see how this pans out.

The weapon we have is to keep on speaking out and to enlighten a lot of Nigerians about the havoc the likes of Sanusi is causing in the system. If you have people in the media, assist them by discussing this issues so that the truth can be revealed. Anyone gifted too can mobilize demonstration towards shutting down activities at CBN, AMCON, NDIC, House of assembly and even the Presidency for days or weeks until someone listens or these sole called corrupt individuals are exposed and humiliated. How on earth will AMCON write off over #300billion and own 15% while access bank which has #50billion would have 75%? This mathematics is the craziest calculation I’ve seen in all times. It only portrays corruption which is endemic in Nigeria. Government would never get new investors with this bad attitude of theirs and it is even more painful that the Presidency as an institution led by a weak President cannot call this Boko-aram CBN governor to order.

adimoyo:

'1.DURING THE 2007 PUBLIC OFFER,THEY TOLD US THE PROCEEDS FROM THE OFFER WILL BE USED TO UPGRADE IT,IMPROVE WORKING CAPITAL AND THE REMAINING WILL BE INVESTED TO INCREASE THEIR BRANCHES WITHIN A STIPULATED TIME.AT THE END OF THE DAY,THE MGT OF ACCESS BANK FAILED TO UTILIZE THE OFFER PROCEEDS AS PLANNED.

They got so much from the public offer and the funds were not used for the purpose for which approval to source for it was granted, yet CBN did nt say anything about this. Are they saying this is ok?Does nt this fall within the purview of the regulatory authority?

yem boy:

Please peeps on a more serious note. I just deposited a reasonable sum in my intercontinental acct. Should i go and withdraw all my money when i still can or our money is till safe   

Are u still asking this question? 

75% of intercontinental for just 53.47 billion? This is ridiculus guys, a whole intercontinental bank. Well, it gioes a long way to show how well our dear Erastus Akinbgola managed the bank so much so that the bank is worth nothing now, it is a pity.
In my opinion, it is not a wise buy by Access, but I believe they know what they are doing, I can't imagine the liabilities, that is why 75% of the bank is going for that less.

N53.47 Billion For 75% Of Intercontinental Bank , story!!!!!